SUFFOLK, VA — Rockefeller Group and Matan Companies broke ground on the first phase of Port 460 Logistics Center in Suffolk, an industrial real estate development that is expected to serve US and international businesses seeking direct access to the expanded Port of Virginia.
In a joint venture partnership with Mitsubishi Estate New York, Chuo Nittochi and Taisei USA LLC, the master-planned logistics park will deliver 2.4 million s/f of industrial space across five buildings in phase one, delivering the first two buildings and the development’s infrastructure by next year. A second phase totaling 2.6 million s/f will follow after the completion of phase one.
“Today marks the start of an exciting chapter at Port 460,” said JP Matan, director of leasing, Matan Companies. “We are breaking ground on what will become one of the most impactful industrial developments in the country and we could not have done it without the support and vision from so many experts in development as well as state and local government officials. We look forward to delivering a premier asset in phase one, which will set the stage for what’s to come.”
“This world-class development represents a true spirit of partnership between the public and private sector, bringing together highly experienced real estate investors and developers, the Port of Virginia and the Commonwealth,” said Hilary Allard Goldfarb, senior managing director and head of development for Rockefeller Group throughout the Mid-Atlantic. “The opportunities at Port 460 can meet so many different requirements, ranging from advanced manufacturing, life sciences and logistics, to port operations and warehousing, further positioning the city of Suffolk and the southeastern part of Virginia as a hub for logistics and supply chain investment as well as domestic manufacturing and innovation.”
In June, Governor Glenn Youngkin directed the Commonwealth Transportation Board to allocate $30.1 million to the Rte. 460 Road Improvement Program from the state’s Transportation Partnership Opportunity Fund – an investment in roadway and infrastructure enhancements that will serve the Port of Virginia and enhance access to the site.
“The Port of Virginia is thrilled to officially welcome Port 460 to Virginia,” said Stephen Edwards, CEO and executive director, Virginia Port Authority. “The logistics center is a sound, strategic addition to America’s most modern gateway - providing even greater capacity, capability and speed to market for the supply chain industry. Through the Gateway Investment Program, we committed $1.4 billion to fund further enhancements, including dredging and widening the canal to become the deepest, widest channel on the East Coast, Norfolk International Terminal upgrades in equipment and technology that will drive efficiencies and growth, an extensive Central Rail Yard expansion that will accommodate 455,000 additional rail TEUs, and offshore wind implementation that will enable us to become 100 percent powered by clean energy this year and net-zero by 2040.”
JLL’s Gregg Christoffersen or Kristopher Kennedy are handling leasing at Port 460.
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